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Segment Operating Results | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Operating Results | Segment Operating Results Business Segments – The Company's business results are categorized into the following two segments: Investment Banking & Equities and Investment Management. The Investment Banking & Equities segment includes providing advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. The Investment Banking & Equities segment also includes an interest in Seneca Evercore, which is accounted for under the equity method of accounting, and previously included an interest in Luminis (through September 2024). The Investment Management segment includes Wealth Management and interests in private equity funds which are not managed by the Company, as well as an interest in Atalanta Sosnoff, which is accounted for under the equity method of accounting, and previously included an interest in ABS (through July 2024). The Company's segment information is prepared using the following methodology: •Revenue, expenses and income (loss) from equity method investments directly associated with each segment are included in determining pre-tax income. •Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other performance and time-based factors. •Segment assets are based on those directly associated with each segment, or for certain assets shared across segments, those assets are allocated based on the most relevant measures applicable, including headcount and other factors. •Investment gains and losses, interest income and interest expense are allocated between the segments based on the segment in which the underlying asset or liability is held. Other Revenue, net, included in each segment's Net Revenues includes the following: •Interest income, including accretion, and income (losses) on investment securities, including the Company's investment funds (which are used as an economic hedge against the Company's deferred cash compensation program), certificates of deposit, cash and cash equivalents and long-term accounts receivable •A gain on the sale of the remaining portion of the Company's interest in ABS in 2024. See Note 10 for further information •A loss related to the release of cumulative foreign exchange losses resulting from the redemption of the Company's interest in Luminis in 2024. See Note 10 for further information •Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts used as an economic hedge against exchange rate risk for foreign currency denominated accounts receivable or other commitments •Realized and unrealized gains and losses on interests in private equity funds which are not managed by the Company •Interest expense associated with the Company’s Notes Payable, lines of credit and other financing arrangements, including interest expense related to deferred acquisition consideration and mandatorily redeemable interests •Adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates Each segment's expenses include: a) employee compensation and benefits expenses that are incurred directly in support of the segment and b) non-compensation expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, technology and information services, execution, clearing and custody fees, equipment and indirect support costs (including compensation and other operating expenses related thereto) for corporate services. Such corporate services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities. Additionally, the Company's segment expenses also include Special Charges, Including Business Realignment Costs, which reflect the following: •2024 – Expenses related to the write-off of the remaining carrying value of the Company's investment in Luminis in connection with the redemption of the Company's interest •2023 – Expenses related to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico The prior period reclassifications from "Professional Fees" to "Technology and Information Services" for the Investment Banking & Equities segment are $38,536 and $34,146 for the years ended December 31, 2024 and 2023, respectively. See Note 2 for further information. The prior period reclassifications from "Professional Fees" to "Technology and Information Services" for the Investment Management segment are $985 and $914 for the years ended December 31, 2024 and 2023, respectively. See Note 2 for further information. The Company evaluates segment results based on net revenues and pre-tax income. The Company's resources are allocated and performance is assessed by the Company's CEO and Chairman, whom the Company has determined to be the CODM. For both segments, the CODM reviews net revenues and pre-tax income against current and past performance on a quarterly basis when making decisions about allocating resources to the segments, inclusive of decisions regarding new hires, expansion into new geographical locations and entering into material contracts, including lease agreements and significant investments in technology. The CODM also uses these measures in determining appropriate levels of employee compensation. No client accounted for more than 10% of the Company's Consolidated Net Revenues for the years ended December 31, 2025, 2024 and 2023, respectively. The following information presents each segment's contribution.
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 3,767,655 |  |  | $ | 2,898,489 |  |  | $ | 2,355,943 |
Employee Compensation and Benefits |  |  |  |  | 2,448,409 |  |  | 1,927,928 |  |  | 1,617,449 |
Non-Compensation(2) |  |  |  |  | 548,304 |  |  | 456,257 |  |  | 393,308 |
Special Charges, Including Business Realignment Costs |  |  |  |  | — |  |  | 7,305 |  |  | 2,921 |
Operating Income |  |  |  |  | 770,942 |  |  | 506,999 |  |  | 342,265 |
Income from Equity Method Investments |  |  |  |  | 6 |  |  | 1,073 |  |  | 620 |
Pre-Tax Income |  |  |  |  | $ | 770,948 |  |  | $ | 508,072 |  |  | $ | 342,885 |
Identifiable Segment Assets |  |  |  |  | $ | 5,184,718 |  |  | $ | 4,022,227 |  |  | $ | 3,541,886 |
Investment Management |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 88,165 |  |  | $ | 81,104 |  |  | $ | 70,006 |
Employee Compensation and Benefits |  |  |  |  | 52,425 |  |  | 46,108 |  |  | 39,426 |
Non-Compensation(2) |  |  |  |  | 16,740 |  |  | 15,081 |  |  | 13,710 |
Operating Income |  |  |  |  | 19,000 |  |  | 19,915 |  |  | 16,870 |
Income from Equity Method Investments |  |  |  |  | 3,866 |  |  | 5,158 |  |  | 6,035 |
Pre-Tax Income |  |  |  |  | $ | 22,866 |  |  | $ | 25,073 |  |  | $ | 22,905 |
Identifiable Segment Assets |  |  |  |  | $ | 173,379 |  |  | $ | 151,744 |  |  | $ | 161,412 |
Total |  |  |  |  |  |  |  |  |
Net Revenues(1) |  |  |  |  | $ | 3,855,820 |  |  | $ | 2,979,593 |  |  | $ | 2,425,949 |
Employee Compensation and Benefits |  |  |  |  | 2,500,834 |  |  | 1,974,036 |  |  | 1,656,875 |
Non-Compensation(2) |  |  |  |  | 565,044 |  |  | 471,338 |  |  | 407,018 |
Special Charges, Including Business Realignment Costs |  |  |  |  | — |  |  | 7,305 |  |  | 2,921 |
Operating Income |  |  |  |  | 789,942 |  |  | 526,914 |  |  | 359,135 |
Income from Equity Method Investments |  |  |  |  | 3,872 |  |  | 6,231 |  |  | 6,655 |
Pre-Tax Income |  |  |  |  | $ | 793,814 |  |  | $ | 533,145 |  |  | $ | 365,790 |
Identifiable Segment Assets |  |  |  |  | $ | 5,358,097 |  |  | $ | 4,173,971 |  |  | $ | 3,703,298 |
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Investment Banking & Equities(A) |  |  |  |  | $ | 78,236 |  |  | $ | 86,772 |  |  | $ | 78,281 |
Investment Management |  |  |  |  | 809 |  |  | 1,554 |  |  | 2,965 |
Total Other Revenue, net |  |  |  |  | $ | 79,045 |  |  | $ | 88,326 |  |  | $ | 81,246 |
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable, lines of credit and other financing arrangements, including interest expense related to deferred acquisition consideration and mandatorily redeemable interests of $24,264, $16,768 and $16,717 for the years ended December 31, 2025, 2024 and 2023, respectively. (2)Non-Compensation expenses are as follows:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Investment Banking & Equities |  |  |  |  |  |  |  |  |
Occupancy and Equipment Rental |  |  |  |  | $ | 106,309 |  |  | $ | 88,604 |  |  | $ | 82,180 |
Professional Fees(A) |  |  |  |  | 98,531 |  |  | 91,861 |  |  | 69,953 |
Travel and Related Expenses |  |  |  |  | 94,515 |  |  | 78,519 |  |  | 63,798 |
Technology and Information Services(A) |  |  |  |  | 141,413 |  |  | 117,091 |  |  | 103,083 |
Depreciation and Amortization |  |  |  |  | 32,098 |  |  | 24,141 |  |  | 23,943 |
Execution, Clearing and Custody Fees |  |  |  |  | 10,654 |  |  | 11,487 |  |  | 10,724 |
Acquisition and Transition Costs |  |  |  |  | 9,858 |  |  | — |  |  | — |
Other Operating Expenses |  |  |  |  | 54,926 |  |  | 44,554 |  |  | 39,627 |
Total Non-Compensation |  |  |  |  | $ | 548,304 |  |  | $ | 456,257 |  |  | $ | 393,308 |
Investment Management |  |  |  |  |  |  |  |  |
Occupancy and Equipment Rental |  |  |  |  | $ | 2,475 |  |  | $ | 2,349 |  |  | $ | 2,149 |
Professional Fees(B) |  |  |  |  | 4,513 |  |  | 4,344 |  |  | 3,788 |
Travel and Related Expenses |  |  |  |  | 1,097 |  |  | 927 |  |  | 729 |
Technology and Information Services(B) |  |  |  |  | 4,809 |  |  | 3,904 |  |  | 3,580 |
Depreciation and Amortization |  |  |  |  | 459 |  |  | 327 |  |  | 405 |
Execution, Clearing and Custody Fees |  |  |  |  | 1,845 |  |  | 1,724 |  |  | 1,551 |
Other Operating Expenses |  |  |  |  | 1,542 |  |  | 1,506 |  |  | 1,508 |
Total Non-Compensation |  |  |  |  | $ | 16,740 |  |  | $ | 15,081 |  |  | $ | 13,710 |
Total |  |  |  |  |  |  |  |  |
Occupancy and Equipment Rental |  |  |  |  | $ | 108,784 |  |  | $ | 90,953 |  |  | $ | 84,329 |
Professional Fees(C) |  |  |  |  | 103,044 |  |  | 96,205 |  |  | 73,741 |
Travel and Related Expenses |  |  |  |  | 95,612 |  |  | 79,446 |  |  | 64,527 |
Technology and Information Services(C) |  |  |  |  | 146,222 |  |  | 120,995 |  |  | 106,663 |
Depreciation and Amortization |  |  |  |  | 32,557 |  |  | 24,468 |  |  | 24,348 |
Execution, Clearing and Custody Fees |  |  |  |  | 12,499 |  |  | 13,211 |  |  | 12,275 |
Acquisition and Transition Costs |  |  |  |  | 9,858 |  |  | — |  |  | — |
Other Operating Expenses |  |  |  |  | 56,468 |  |  | 46,060 |  |  | 41,135 |
Total Non-Compensation |  |  |  |  | $ | 565,044 |  |  | $ | 471,338 |  |  | $ | 407,018 |
(A)The Company reclassified $38,536 and $34,146 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Banking & Equities segment for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information. (B)The Company reclassified $985 and $914 of technology and related expenses from "Professional Fees" to "Technology and Information Services" in the Investment Management segment for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information. (C)The Company reclassified $39,521 and $35,060 of technology and related expenses from "Professional Fees" to "Technology and Information Services" for the years ended December 31, 2024 and 2023, respectively, to conform to the current presentation. See Note 2 for further information. Geographic Information – The Company manages its business based on the profitability of the enterprise as a whole. The Company's revenues were derived from clients located and managed in the following geographical areas:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Net Revenues:(1) |  |  |  |  |  |  |  |  |
Americas(2) |  |  |  |  | $ | 3,067,300 |  |  | $ | 2,331,369 |  |  | $ | 1,826,861 |
EMEA |  |  |  |  | 626,250 |  |  | 503,496 |  |  | 469,694 |
Asia-Pacific |  |  |  |  | 83,225 |  |  | 56,402 |  |  | 48,148 |
Total |  |  |  |  | $ | 3,776,775 |  |  | $ | 2,891,267 |  |  | $ | 2,344,703 |
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense. (2)Primarily includes revenue attributable to the United States of $2,885,717, $2,187,916 and $1,719,337 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company's total assets are located in the following geographical areas:
| December 31,
| 2025 |  | 2024
Total Assets: |  |  |
Americas(1) | $ | 3,396,905 |  |  | $ | 3,496,519 |
EMEA(2) | 1,887,541 |  |  | 614,494 |
Asia-Pacific | 73,651 |  |  | 62,958 |
Total | $ | 5,358,097 |  |  | $ | 4,173,971 |
(1)Primarily includes assets located in the United States. (2)Primarily includes assets located in the United Kingdom.

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- Definition The entire disclosure for reporting segments including data and tables. 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